3.3 Types of Costs
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Last updated 5:20 PM on 6/7/25
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7 Terms
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Cost
Total expenditure a business needs in order to run its operations
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Fixed Cost
Doesn’t change regardless of production
E.g: Capital Equipment, furniture
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Variable Costs
Costs change according to level of production
E.g: Ingredients, materials
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Direct costs
Specifically related to a particular project/product in the business
E.g: Employees, goods sold in stores, store maintenance
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Indirect Costs
Costs that cannot be traced to any particular product
E.g: Head office, board member’s salaries
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Revenue
Measure of money made by sales
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Revenue streams
Means other than trading activity used to generate income
Note 
Flashcards (22)